Benefits of TFSA

There are so many things you can save for with a TFSA.

It might be to renovate your home, buy a cottage, go on a dream vacation, or save for your child's wedding. It could even be just to have emergency funds readily available.

Introduced by the federal government in 2009 to help Canadians save better, the TFSA (Tax Free Savings Account) gives account holders:

• The opportunity to earn investment income, tax-free – Any interest, capital gains or dividend income you earn within the account is not subject to tax
• The flexibility to withdraw your savings, tax-free – At any time and for any purpose you choose
• The ability to contribute to a spouse’s TFSA – Remember, your total contribution to any account cannot exceed the maximum allowed
• A wide range of investment options for enhanced flexibility – Including mutual funds, ETFs, guaranteed investment certificates (GICs), stocks, bonds, and cash
• No impact to your government benefits – No income you receive or withdrawals you make from a TFSA will affect your eligibility to receive income-tested benefits such as the Guaranteed Income Supplement, Canada Child Tax Benefit or Old Age Security benefits.

Using your TFSA to invest in products geared for growth like mutual funds, you will have the long-term opportunity to earn higher tax-free income than if you invested in a savings account or GIC, multiplying the benefits of the plan.

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